National Bank of Fujairah Retains “Best Islamic Window - UAE” Award at the Islamic Business and Finance Awards 2017

13 December 2017

Recognition cements bank’s position as a leading provider of Shari’a complaint banking services and follows successful completion of the first-ever Shari’a-compliant bullion financing transaction with Malabar Gold

NBF announced today that NBF Islamic has once again taken home the coveted accolade titled “Best Islamic Window UAE” for the second consecutive time at the Islamic Business & Finance Awards 2017. Prevailing over fierce competition, NBF showcased its steady focus on growing the bank’s Islamic offerings in this space and catering to clients’ evolving requirements across retail and corporate banking.

Hosted by CPI Financial, the Islamic Business & Finance Awards has quickly established itself as a reputable platform for banks and financial institutions aiming to cement their presence in the market and receive recognition from Islamic business leaders.

Commenting on the win, Vince Cook, NBF’s CEO, said: “We are very proud to receive this award for the second time in a row. Given the global economic slowdown, Islamic finance has made some significant strides in terms of penetrating new customer segments and benefiting from breakthroughs in the sector like the establishment of the Shari’a standard for gold. As we move forward, we can expect further growth in this space as the UAE focuses on transforming itself into a global hub of Islamic economy.”

“At NBF, we are committed to leveraging innovation in the sector as we seek to further expand our suite of client-centric solutions. This prestigious win is testament to the growth we have achieved so far; in fact, our Islamic balance sheet has grown significantly following the inception of NBF Islamic. Moving forward, we will keep pressing on our efforts to enhance our capabilities and invest in resources, so we can continue to compete with the more established Islamic financiers in the market,” added Cook.

Earlier this year, NBF announced the completion of the first-ever Shari’a-compliant bullion financing transaction with Malabar Gold in accordance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards in the precious metals industry in the UAE. By doing so, the bank has not only cemented its position as a reliable business partner but clearly reiterated its focus on developing new innovative solutions that enable customers to invest and bank according to their preferences.

Following the successful launch of NBF Islamic in 2014, the bank broadened its suite of offerings and launched its Shari’a-compliant corporate banking services to cater to businesses looking for a reliable and trusted banking partner in the UAE. Today, the bank’s priority is to continue developing NBF Islamic into a full-fledged proposition encompassing a comprehensive range of solutions for both retail and corporate banking segments.

About National Bank of Fujairah PJSC:

Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+/A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 18 across the UAE.